Calculate the amount of accounts receivable, Accounting Basics

Cowhand's Bar-B-Q House went into business on January 1, 2009. The following information is available at December 31, 2009:

Sales revenue for the year


Cash on hand at 12-31-2009


Contributed capital


Wages payable at year end


Cash received from customers during the year


Dividends paid during the year


Expenses incurred during the year (depreciation expense = $0)


Cash paid to buy long-term assets during the year


Accounts receivable at year-end



Determine the correct amount for each of the following:

a. What is the amount of net income?

b. What amount should be reported for retained earnings at year-end 2009?

c. What is the amount of accounts receivable at year end?

Posted Date: 2/22/2013 5:28:06 AM | Location : United States

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